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Speeding Ahead EPRA Annual Report Survey 2013/14

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Speeding Ahead EPRA Annual Report Survey 2013/14 Speeding ahead EPRA Annual Report Survey 2013/14 To start a new section, hold down the apple+shift keys and click to release this object and type the section title in the box below. Contents Foreword 1 1. Highlights 2 2. Introducing the survey 3 3. Award winners 6 4. Survey results 8 5. EPRA reporting measures 11 6. Investment property reporting 13 7. Reporting developments 15 8. Award process 16 9. Participant list 17 To start a new section, hold down the apple+shift keys and click to release this object and type the section title in the box below. Foreword Speeding ahead Following the release of the guidance on cost ratios I am delighted to announce the results of our EPRA by EPRA, 36% of the companies have already adopted Annual Report Survey 2013 / 2014. The survey these new ratios. Reflecting the relevant overhead and comprises a review of 84 annual reports from operating costs of the business, these ratios provide a leading listed real estate companies across Europe recognised benchmark for analysis of the companies’ to assess compliance with EPRA’s Best Practices costs. Recommendations (BPR). For the first time, the results As companies strive to reach new heights in their take into account the adoption of the new EPRA cost compliance, we would like to see greater attention paid ratios that were published in July 2013. to areas of the BPR such as: like-for-like rental growth Emmanuel Proudhon The survey results this year have shown a significant reporting and reporting on development projects. Director improvement of the top scorers. Awarded companies Finer review also shows room for improvement and Deloitte France are speeding ahead, with nine new Gold Awards, there is a need for additional comments on variations +33 (0) 1 58 37 91 17 increasing their compliance with the BPR, while a third or supplementary explanations when requested by the [email protected] of the companies reviewed still need to take notice of BPR. the EPRA BPR and invest time in bringing their financial Recognising that there are many business models used reporting up to speed with the rest of their peers. by property companies and that progress still has to This year EPRA has wanted to put more emphasis on be made in the adoption of the BPR, EPRA released in companies which have outstandingly improved their January 2014 an additional guidance to clarify issues 61% reporting. Hence, five companies have been granted arising in the practical implementation of the principles- OF COMPANIES the award of the “Most Improved Annual Report”. I based BPR. Although not formally part of the BPR, this BY MARKET would like to congratulate this year’s winners: Aedifica, additional guidance is expected to facilitate the wider CAPITALISATION Icade, Intervest Offices & Warehouses, Nieuwe Steen use of the BPR. HAVE ALREADY Inv (NSI) and Wereldhave. Besides the significant ADOPTED AT Finally, I would like to thank the team of reviewers at improvement of their annual reports, which were LEAST ONE OF Deloitte from across our European real estate practice granted among the best scores for the quality of the in Amsterdam, Brussels, London, Munich and Paris. A THE NEW EPRA reporting on EPRA performances measures, they are special thanks to Evgeniya Popova for her involvement COST RATIOS striking examples of the leap forward identified last in putting together this report and to Andrew Saunders year. for his valuable review. EPRA Performance Measures have now been generally Please contact myself, or alternatively Andrew Saunders endorsed. Their importance to raise the standard and at EPRA, if you would like any further information consistency of performance reporting in the real estate about this survey. Deloitte real estate teams from industry has been widely acknowledged with 81% of across Europe were involved in the survey and would companies disclosing at least one EPRA Performance be pleased to welcome the opportunity to meet locally Measure (representing 91% by market capitalisation) with companies to discuss the survey and individual and 73% (by market capitalisation) at least three EPRA company results, as well as current trends in financial Performance Measures. reporting. “ I am very pleased to notice that REITs have achieved better performance disclosure through higher transparency and, even more importantly, higher comparability. We are all attentive to investors’ expectations on this matter and we are convinced that, in an uncertain economic environment like ours, transparency conveys confidence. EPRA BPRs tend to become a reference; they have been instrumental in the progress made. Some may find that this is not going fast enough or not reaching far enough; be assured that I strive to widen the framework. But looking at things carefully, I find that few industries have come to this level of harmonization—which we can collectively be proud of.” Serge Grzybowski CEO, Icade and Chairman of EPRA Speeding ahead - EPRA Annual Report Survey 2013/14 1 To start a new section, hold down the apple+shift keys and click to release this object and type the section title in the box below. 1. Highlights 50% of the companies in the survey gained an award: 25 GOLD AWARDS MOST IMPROVED 9 SILVER AWARDS ANNUAL REPORT 8 BRONZE AWARDS Award have been granted to : • Icade • Nieuwe Steen Inv (NSI) • Wereldhave • Aedifica • Intervest Offices & Warehouses As the listed property sector reaches new heights in the adoption of the EPRA BPR across Europe, increases in average country scores were shown in Belgium, 46% France, the Netherlands and Switzerland Disclose the EPRA Performance measures summary table, a clear improvement compared to last year (36%) Awarded companies are speeding ahead: new GOLD AWARDS AVERAGE SCORE OF 36% AWARDED COMPANIES of companies disclosed the new 9 INCREASE FROM 72% COST RATIOS in accordance with LAST YEAR TO 77% the EPRA cost measure published in July 2013 STILL LITTLE OVERALL IMPROVEMENT in compliance with the Investment The net initial yields and vacancy Property Reporting and Additional rate disclosures are gaining disclosures sections of the BPR traction: 45% DISCLOSE NIY AND 55% DISCLOSE VACANCY Disclose at least one performance measure The more widely adopted performance (representing 91% by market capitalisation measures have taken a step forward 81% of the FTSE EPRA/NAREIT Developed 74% DISCLOSE NAV, Europe indices); 33% of companies disclose all 6 performance measures 64% DISCLOSE EPS; (58% by market capitalisation) adoption of NNNAV is still behind with 56%, but significantly up on last year 2 To start a new section, hold down the apple+shift keys and click to release this object and type the section title in the box below. 2. Introducing the survey EPRA’s Best Practices Recommendations EPRA’s Best Practices Recommendations (BPR) include The BPR comprise three sections: specific additional disclosures for real estate companies 1. EPRA performance measures – specific within the IFRS framework: additional disclosures for real estate • Emphasis is placed on six key performance measures, companies within the IFRS framework which EPRA Earnings, NAV, NNNAV, yield, vacancy rate and are deemed to be of key importance for for the first time this year, the cost ratios. investors and where more consistent and • EPRA produces additional guidance on how to apply widespread disclosure is sought – EPRA the EPRA BPR (the latest guidance was issued in earnings, NAV, NNAV, yield, vacancy rate January 2014). and cost ratios. 2. Investment Property Reporting – Purpose of the EPRA Annual Report Survey investment property disclosures providing The purpose of this survey is to promote awareness of guidance in areas where IFRS are not EPRA’s BPR and to encourage companies to recognise considered to be specific enough to real and promote the value in consistency and transparency estate companies such as like-for-like rental in financial reporting. growth, portfolio statistics information. Awards 3. Additional disclosures – guidance on Recognition is available through the following award further disclosures covering valuation categories: disclosure, management narrative, information on strategy and governance Gold Award information to make the financial reporting For exceptional compliance of real estate companies more insightful. with the BPR Silver Award For annual reports scoring highly based on compliance with the BPR Bronze Award For annual reports scoring well based on compliance with the BPR Most Improved Award For companies that have Each year only one company used to receive outstandingly improved the this award. This year, it was decided to better compliance of their reporting recognize the effort made by companies that with the BPR. have significantly increased their scoring. Hence, companies that showed improvement of their scoring by at least 30% and that were rated Silver or Gold have been granted with the award of the “Most Improved Annual Report”. Speeding ahead - EPRA Annual Report Survey 2013/14 3 To start a new section, hold down the apple+shift keys and click to release this object and type the section title in the box below. Companies reviewed In Out Annual reports for years ending between 30 June 2013 Deutsche Annington Daejan Holdings PLC * and 31 March 2014 inclusive were reviewed for all Immobilien AG members of the FTSE EPRA/NAREIT Developed Europe REITS and Non-REITS indices, comprising 84 listed real Dios Fastigheter AB IVG Immobilien estate companies across Europe. The Dutch company Redefine International Azrieli Group Atrium European Real Estate has also been included in Atrium European Real Estate IRP Property Investments the survey. Inmobiliaria Colonial S.A. Mucklow (A.&J.) Group PLC F&C UK Real Estate Patrizia Immobilien AG Investments GSW Immobilien AG Silic SA * not included this year as its FY 14 Annual Report has been released after the survey was performed. GEOGRAPHICAL LOCATION OF COMPANIES REVIEWED 3 FINLAND NORWAY 1 9 SWEDEN UK 29 6 NETHERLANDS BELGIUM 7 10 GERMANY AUSTRIA SWITZERLAND 4 2 FRANCE 9 2 ITALY SPAIN 1 GREECE 1 4 To start a new section, hold down the apple+shift keys and click to release this object and type the section title in the box below.
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